Balance Sheet: Assets
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Apple Inc., consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-03-28), 10-Q (reporting date: 2025-12-27), 10-K (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-Q (reporting date: 2021-12-25), 10-K (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-K (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28).
Total assets exhibit a pattern of cyclical fluctuation, with significant peaks observed in December 2021 and December 2025. The overall asset structure indicates a strategic transition, characterized by a marked reduction in marketable securities and a simultaneous, steady increase in long-term physical and other non-current assets.
- Liquidity and Marketable Securities
- A sustained contraction is observed in both current and non-current marketable securities. Current marketable securities declined from a high of 67,391 million US$ in December 2019 to a lower range between 18,000 and 36,000 million US$ in later periods. Non-current marketable securities show a more pronounced downward trend, peaking at 134,539 million US$ in March 2021 before declining to 78,088 million US$ by March 2026. Cash and cash equivalents remain volatile but generally stable, with a notable peak of 45,572 million US$ in December 2025.
- Fixed and Long-term Asset Growth
- Property, plant, and equipment (net) demonstrate a consistent upward trajectory, increasing from 37,031 million US$ in December 2019 to 50,116 million US$ by March 2026, suggesting ongoing investment in infrastructure. Other non-current assets have grown substantially, rising from 40,457 million US$ to a peak of 93,146 million US$ in December 2025, before adjusting to 77,430 million US$ in March 2026. The introduction of intangible assets totaling 21,334 million US$ in the final quarter indicates a shift in the composition of non-current assets.
- Working Capital Dynamics
- Accounts receivable and vendor non-trade receivables exhibit strong seasonality, with recurring spikes typically occurring in the September and December quarters. Net accounts receivable reached a period high of 39,921 million US$ in December 2025. Inventories have remained relatively stable throughout the analyzed period, fluctuating within a tight range between 3,334 million US$ and 7,482 million US$, indicating efficient inventory management despite growth in other asset categories.
- Total Asset Composition
- The transition from liquid financial instruments toward fixed and other non-current assets is evident. While current assets fluctuate based on seasonal receivables and cash positions, the non-current asset base has expanded from 177,387 million US$ in December 2019 to 226,968 million US$ by March 2026, representing a larger proportion of the total balance sheet over time.